Trump set to whack workers with historic $2,000 tax hike – Dean Baker/Alternet
“The waiting is almost over, Donald Trump is about to hit America’s workers with the largest tax increase they have ever seen. Trump’s taxes on imports (tariffs) from Canada, Mexico, and China will cost people in the United States somewhere around $260 billion a year or around $2,000 a household…
“If Trump can’t find major savings in the budget, then he will have to raise other taxes if he doesn’t want to hugely increase the deficit with his tax cuts for the Elon Musk crowd. This is the most obvious explanation for Trump hitting us with his huge import taxes…”
Trump Tariffs: The Economic Impact of the Trump Trade War – Tax Foundation
Where Does the Tariff Money Go? Understanding What Happens After It’s Collected – msn
The Problem With Car Tariffs: What’s an Import?
Trump to Pause Auto Tariffs for One Month as Other Levies Continue – NYT
“The reprieve was a demonstration of the haphazard approach Mr. Trump has taken to trade policy, with the president announcing, pausing and then proceeding with a policy that is deeply influential for the North American economy within a matter of weeks. The decision came after Mr. Trump hosted a conference call Tuesday with Mary T. Barra, the chief executive of General Motors; John Elkann, the chairman of Stellantis; William C. Ford, the chairman of Ford Motor; and Jim Farley, Ford’s chief executive, according to a person briefed on the call. The executives told the president that putting tariffs on cars and parts from Canada and Mexico would effectively erase all of their companies’ profits by imposing billions of dollars of new costs on them, the person said. They asserted that cars built in those countries supported jobs in the United States at parts factories, dealers and other related businesses.”
Tariffs would need to be in place for years to alter US-Canada crude flows, Enbridge says – Reuters
What Trump’s new tariffs could mean for Tesla’s business – msn